Strap up boys, we're about to get rekt by the big dawgs

[Thetaj]

Difficulty gonna spike 40%............this is gonna be one crazy ride real soon. Thoughts on price/profit ratio?

[d57heinz]

Difficulty gonna spike 40%............this is gonna be one crazy ride real soon. Thoughts on price/profit ratio?

It’s funny how this is still rising like mad. I remember the old threads philipma1957 had on difficulty. I’d pop in from time to time letting them know of the crazy hash being added on.  Then they would tell me I’m basically nuts I don’t know what I’m talking about.  Can’t possibly add x amount of hash that fast yada yada yada.  Look at it now.  Pushing 11.5 exahash and 7 min block times.  Looks like it’s the huge push to screw everyone’s mining investment.  We can all thank bitmain for this bs. I called it then and ill call it now. Bitmain will be btc Achilles heal.  What’s the use of 11.5 exa when it’s not truly decentralized.


Interested in where this will head.  Let’s just say I’m not buying anymore hw.  Best better get some coin. It’s gonnna have to rise like mad to support this crazy rise in diff. 

BR

[leowonderful]

Where are you guys getting your difficulty information now that bitcoinwisdom is still displaying faulty info?

Seems like Bitmain is just going to continue to crank out more and more miners as difficulty goes up. Perhaps the end of home mining is approaching faster than we expected... I have never seen numbers like this on any difficulty period in my time with BTC. Let's hope this doesn't last.

[d57heinz]

Where are you guys getting your difficulty information now that bitcoinwisdom is still displaying faulty info?

Seems like Bitmain is just going to continue to crank out more and more miners as difficulty goes up. Perhaps the end of home mining is approaching faster than we expected... I have never seen numbers like this on any difficulty period in my time with BTC. Let's hope this doesn't last.

For the latest “real-time” stats I use zeroblock for my iPhone. It shows avg block times as well as the current network speed as measured over last 24 hours.  I do also from time to time Check btc.com for hashrates by pools.  I’ve seen so many pushes like this before. We will see 12-15 exa by Xmas as this rate. Don’t think the altcoins are going to much matter now as btc going to see big jumps in price

Br

[Thetaj]

Yep, Its actually fun to watch these diff spikes. It means that Bitmain has produced a new batch of units which are being "tested" before they ship out to customers.

I expect at least 150mm by the end of this year

[tobs]

But I guess, the higher the bitcoin price, the more it is noticed by big investors in general, meaning that in case of bitcoin being widely adapted in the mainstream, I guess mining companies will multiply like mad. Also, how fast can technology be developed with difficulty going up? Close in the future, it may even become impossible or rather very unprofitable to mine on your own.

[leowonderful]

But I guess, the higher the bitcoin price, the more it is noticed by big investors in general, meaning that in case of bitcoin being widely adapted in the mainstream, I guess mining companies will multiply like mad. Also, how fast can technology be developed with difficulty going up? Close in the future, it may even become impossible or rather very unprofitable to mine on your own.

China and other areas with exceptionally cheap electrical costs will probably continue to dominate in mining as we’re already feeling the impacts of slower node improvements and less efficiency jumps. It’ll soon be down to who has the absolute cheapest electrical costs soon; at the rate price and difficult is increasing right now the end of home mining is approaching even more quickly than most of us expected.

[fanatic26]

We can all thank bitmain for this bs. I called it then and ill call it now.

Why does everyone keep blaming bitmain for producing a product that people buy? This is the same as blaming Ford because there is traffic congestion. It such an ignorant way to look at things.

[QuintLeo]

It's entirely possible to get very cheap electric in areas outside of China.

 Even in North America, there's the 3 counties of East-Central Washington state, Labrador, possibly Quebec (I've heard conflicting info about rates there), possibly British Columbia (they DO have part of the Columbia River available)....

[leowonderful]

It's entirely possible to get very cheap electric in areas outside of China.

 Even in North America, there's the 3 counties of East-Central Washington state, Labrador, possibly Quebec (I've heard conflicting info about rates there), possibly British Columbia (they DO have part of the Columbia River available)....

It’s just not happened to a large extent outside of some hosting centers and farms to my knowledge though. NA is still pretty far behind in mining. I do hope we get more large miners to remove bitmain’s iron fist over BTC though. I recall there used to be a decent sized farm in Labrador but it was liquidated or something like that.

[AtraxPool]

I am still sure there is something fishy going on with the difficulty and certain pools being attacked at the moment all be it none of them can put their finger on the cause and it's being put down to "Luck" While we all know luck can be a bitch of a factor in mining just look at the block distribution some pool hammering block after block in succession is not something that can put down to just "Luck"

There was a possibility of miners doing something nefarious on pools to bring their luck right down but for the life of me, I can't seem to find the article about it now.

If it turns out that some of the larger pools are doing something that can damage other pools chances of finding a block then we as a community need to find the solution to the problem because right now all this in-fighting between dev's all this forking carry on really is going to end in a serious disaster some point we need to put a stop to this somehow and get back to the core values of what bitcoin was all about in the first place not being bent each way to suit different parties.

I do fear that in time we will see more mega hashrate from China burst onto the network pushing the smaller miners out by even more.

You just need to watch this to understand why things need to change sooner rather than later.

https://www.youtube.com/watch?v=Y6kibPzbrIc